AEI 2021 Premium Assistance Credit Report Instructions Can Be Found Here.

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Compliance

We’re your guide for navigating regulations, documenting your due diligence and empowering you to stay compliant.

Compliance

Documents

Lifetime Benefit Solutions can prepare summary plan descriptions (SPDs) and plan documents, as well as summary of material modifications and plan document amendments for medical plans, dental plans and vision plans; cafeteria plans that include pretax premium plans as well as plans that include dependent care and health care Flexible Saving Accounts (FSAs); and health reimbursement arrangements.

We also will keep you informed on regulations that federal agencies such as the IRS, Department of Labor and Department of Health and Human Services issue that affect your plans and alert you to when your documents need to be amended.

In addition, we will also track your Department of Labor five-year SPD requirement and let you know when a new SPD is required.

Nondiscrimination Testing

Our nondiscrimination testing website includes the IRS required tests, along with detailed instructions and definitions of many terms to assist you. Testing is performed instantaneously after data submission. You have access to reports showing your results which you can also print for your records.

Depending on your plan design, you will be given access to the tests required for your plan which may include some or all of the following:

  • Cafeteria Plans: Eligibility and Key Employee Concentrations Tests
  • Flexible Spending Account: Eligibility and Benefits Tests
  • Dependent Care: Eligibility, More Than 5% Owners Concentration Test, and the 55% Average Benefits Tests

Nondiscrimination Testing Website

Compliance Documents from Lifetime Benefit Solutions

Form 5500 and Schedules Preparation

In addition to all Employee Retirement Income Security Act (ERISA) welfare benefits, health care FSAs under a cafeteria plan are subject to the Form 5500 requirement for any plan with 100 or more participants at the beginning of the plan year. Effective for reporting on plan years beginning on or after Jan. 1, 2009, all Form 5500s must be filed electronically. We can prepare the required forms for all of your welfare benefits and send them to you with instructions on how to file your forms electronically.

Premium Only Plans

Lifetime Benefit Solutions’ Premium Only Plan services allow an employer to establish a plan that allows employees to pay for their portion of health care (as well as dental, vision and group-term life insurance) premiums on a pretax basis. Employers save Federal Insurance Contributions Act (FICA) taxes on these employee contributions, while employees save both FICA and income taxes on their contributions.

Our services to Premium Only Plans include:

  • Plan Document and Summary Plan Description
  • Annual Discrimination Testing
  • Administrator's Guidebook
  • Dedicated Account Specialist


Compliance FAQ

Benefits Programs Built Around You

We provide a laser-focus on the critical elements of any successful benefit program. Effective design; clear, concise communication; and dependable, ongoing administration and compliance, mapped to each company's individual needs and workforce.

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